4
1
2
5
Correct answer is C
Percentage change in quantity supplied = (Change in quality supplied ÷ Old quantity supplied ) × 100
(30 – 20) ÷ 20 × 100
(10 ÷ 20) × 100 = 50%
Percentage change in price
(Change in price ÷ Old price )× 100
((5 – 4) ÷ 4) × 100
¼ × 100 = 25%
Therefore, the coefficient of price elasticity of supply is
Percentage change in quantity supplied ÷ Percentage change in price
50% ÷ 25% = 2
N75.00
N100
N175.00
N125.00
Correct answer is B
Total cost (Tc) = N75.00
Price (P) = N7.00
Output (Q) = N25 units
Profit = ?
To derive the profit of the firm, the total revenue must be expressed. It can be expressed as
Total revenue (TR) = Price (P) × Quantity (q)
Therefore, TR = P × Q
= 7 × 25 units
Tr = N175
Therefore, Profit = TR – TC
= N175 – N75
Profit = N100
N4
N8
N2
N10
Correct answer is A
Qd = 20 - 2p
Qs = 6p - 12
Therefore, equilibrium price is Qd = Qs
20 - 2p = 6p-12
20 + 12 = 6p+2p
32 = 8p
Equilibrium price = 32/8= 4
Equilibrium price = N4
What would encourage the growth of international division of labour?
Improvement in transport system
Instability in international exchange rate
Restrictions on the movement of resources
Increase in tariff
Correct answer is A
Efficient transport system encourages international division of labour.
There has been an increase in the consumer’s money income
There has been a reduction in the price of both A and B
There has been no change in the price of A or B
There has been no change in the price of A relative to the price of B
Correct answer is B
Since a budget line imposed a constraint on an individual budget that he cannot buy more where the constraint is. An increase in income will make the consumer income higher that the price of the commodity which leads to shift in budget line from JK to GH
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